Aim-listed Regal Petroleum will this week announce the issuance of $51m worth of new shares to bodies owned by the Ukrainian government; the culmination of a campaign to safeguard its gas assets in the country.

The company, founded by entrepreneur Frank Timis, last year won a long-running court battle with the Ukrainian government agency that is known as Chernihivnaftogasgeologia (CNGG), which had been Regal's joint-venture partner during its gas exploration work. In 2004 Regal decided to develop these projects on its own, prompting CNGG to challenge the legality of its gas production licences.